Today’s Bad News: Shares Of Major UK Retailer Tesco Getting Destroyed After Horrid Christmas


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Mostly it’s all good news in Europe today, at least on the sovereign front (Spain, Italy, etc.).But there is some bleak business news.

Tesco, the major UK retailer (like the Wal-Mart of the UK) reported bleak Christmas sales. Specifically, same-store sales were down over 2%.

Other UK retailers reported a bad Christmas as well.

Upshot: Shares of Tesco are getting clobbered today, with the stock down over 14%.